EUR/USD analysis for May 03, 2013
May 3, 2013 10:30 amVideo
Latest News
- Forecast for EUR/USD on April 15, 2024 April 15, 2024
- Forecast for GBP/USD on April 15, 2024 April 15, 2024
- Forecast for USD/JPY on April 15, 2024 April 15, 2024
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
EUR/USD Elliott wave
Since our last analysis the EUR/USD pair has been trading lower, so we changed our primary wave count a little bit. During the Thursday’s European session we could observe ascending movement from 1.3145 towards the 1.3217 level. Therefore, during the early New York session this major currency did not manage to hold this levels and the price dropped to the new 3-day low at 1.3037 level. We can consider this move as the end of the wave 3 (coloured blue) of the bigger wave (1) (coloured green). At the moment, the EUR/USD pair is trading around 1.3122 level and we are expecting to see price around 1.3010 area in the next few sessions. In accordance with our wave rules and taking into account that the wave 5 should retrace 61.8% of the waves 3, we can define the potential targets with measuring wave 3 with take profit at 1.3013 (61.8 % of wave 3). To reduce the risk, we can use resistance at 1.3200 level as stop loss.
Support and resistance
(S3) 1.2813 (S2) 1.2925 (S1) 1.2994 (PP) 1.3106 (R1) 1.3175 (R2) 1.3287 (R3) 1.3356
Trading forecast
Proceeding from Elliott wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.3100 with stop loss at 1.3200 and take profit at 1.3013 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: